The Federal Open Market Committee (FOMC) announced a 0.25% interest rate hike in the February meeting. This came amid a market wide expectation of 25 bps rise, which marked a slowdown in rate hike at the back of a series of 75 bps rise in previous months. The announcement came at a time when the Fed officials are focused on reducing the inflation to 2% target. This means tightening screws for liquidity in the economy was on top priority.
The crypto market showed high volatility in the hours leading to the Fed decision announcement. Also, the US Dollar Index (DXY) was in the red with a 0.31% drop compared to yesterday. As of writing, Bitcoin (BTC) price stands at $23,037, down 0.63% in the last 24 hours, according to CoinGape price tracker.
Also Read: Bitcoin (BTC) Reaction To Powell Speech, US Rate Hike Hardly Lasts Long; Here’s Why
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